Morocco keeps policy rate steady at 2.25% as inflation recedes and growth outlook strengthens
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Morocco’s central bank kept its benchmark interest rate unchanged at 2.25% during its meeting on December 16, maintaining its monetary stance for the third consecutive session as inflation continues to ease and economic growth remains firm. Bank Al‑Maghrib expects consumer prices to average 0.8% in 2025 before rising gradually to 1.3% in 2026 and 1.9% in 2027, supported by declining food and fuel costs.
The central bank projects real gross domestic product growth at 5% for 2025, easing to 4.5% in 2026 and 2027 on assumptions of average grain harvests of 5 million tonnes. It also forecasts the current account deficit narrowing to 1.8% of GDP next year and staying below 2% through 2027. Foreign exchange reserves are expected to reach 448 billion dirhams ($49 billion) by 2027, equivalent to 5.5 months of import cover, while the fiscal deficit is set to narrow to 3.4% of GDP by 2026.
Governor Abdellatif Jouahri said preliminary talks are under way for BNP Paribas to sell its majority stake in BMCI bank to Holmarcom Group. He also confirmed that Bank Al‑Maghrib plans to begin a trial phase of inflation‑targeting monetary policy in 2026.
The decision underlines Morocco’s stable macroeconomic footing, marked by easing inflation, improving fiscal indicators, and steady external buffers, allowing the central bank to maintain an accommodative policy stance into 2026.
